Nationally, prices for homes guaranteed by Fannie Mae and Freddie Mac rose in August, according to the Federal Housing Finance Agency (FHFA) House Price Index. Specifically, house prices increased 0.7 percent while from August 2015 to August 2016, house prices were up 6.4 percent.
But there were particular geographical regions that saw a greater increase in house prices than the national percentage of growth.
The New England division increased 1.2 percent, the Middle Atlantic division rose 3.3 percent, and the Pacific division rose a hefty 7.9 percent.
Will home prices continue to rise in the latest FHFA House Price Index set to come out on Wednesday, November 23?
Existing Home Sales - National Association of Realtors, Wednesday, November 23
A push from first-time buyers reversed a two-month decline in existing-home sales in September, according to the National Association of Realtors (NAR).
The first-time buyer share of 34 percent in September was the highest in four years, and it pushed the pace of existing-home sales up by 3.2 percent to an adjusted annual rate of 5.47 million.
Will first-time buyers continue to drive existing-home sales upward in the face of shrinking inventory and rising prices? The industry will find out on Tuesday, November 22, when NAR publishes its October existing-home sales report.
“There's hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring,” NAR Chief Economist Lawrence Yun said. “The market fundamentals—primarily consistent job gains and affordable mortgage rates—are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”
Inventory remains an issue, however.
“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” Yun said. “Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”
This week’s schedule
Tuesday, November 22
Existing-home Sales for October 2016, NAR, 10 a.m. EST
Wednesday, November 23
Home Price Index for September 2016, FHFA, 9 a.m. EST
New Home Sales for October 2016, HUD/Census Bureau, 10 a.m. EST
Thursday, November 24